3421 Route 22 East — Courtesy: Zimmel Associates
By Joshua Burd
A privately held distribution firm has sold an 85,000-square-foot warehouse in Woodbridge for nearly $10 million, in one of two recent transactions arranged by Zimmel Associates.
In a news release, the brokerage said it represented both parties in the $9.6 million sale of 18 Engelhard Ave., which is located in the township’s Avenel section. The buyer will use the warehouse for the distribution of tea, coffee, nonperishable groceries and other goods.
David Zimmel, CEO of Zimmel Associates, said the Edison-based firm marketed the property on behalf of Fleet Street. He cited the building’s quick access to Exit 12 of the New Jersey Turnpike, 7,500 square feet of office space, eight loading docks and 22-foot ceiling heights.
“Not too many buildings like this come on the market and demand is high, so we had numerous offers quickly,” Zimmel said. “Fleet Street wanted the ability to remain in the office space portion of the building for five years. We were able to find a buyer that did not need the office space area for their operation.”
In the second transaction, Zimmel brokered the $3 million sale of 3421 Route 22 East, a 64,000-square-foot, two-story office building in Branchburg. The seller is Somerset Thor Building Realty Holdings, while the buyer is a Green Brook-based development firm known as Cyzner Properties.
“We were hired by the court to market and sell the building. It had been vacant for about two years and was in receivership,” Zimmel said. “We presented the building to Cyzner Properties as a prospective 1031 exchange as they had recently sold some real property assets, and we thought it would be a good fit for their portfolio.
“It is a beautiful brick elevator building situated on 25 acres that front Route 22,” Zimmel added. “It has tremendous potential.”
